Elon Musk's X, formerly Twitter, is taking a significant stride towards becoming an 'everything app' by partnering with Visa to introduce real-time payment capabilities. This move signifies Musk's long-held ambition to create a platform similar to China's WeChat, encompassing a wide range of services beyond social media.
Elon Musk 's X, formerly known as Twitter, is partnering with Visa to introduce a real-time payment system on the platform, marking a significant step towards Musk's long-held ambition of transforming X into an ' everything app .' The partnership will power X Money Account, a service set to launch later this year, allowing users to manage digital wallets, send and receive peer-to-peer payments linked to their debit cards, and transfer funds to bank accounts.
Visa Direct, Visa's instant money transfer service, will undergird these functionalities, initially available to X Money Account users in the United States. While the global expansion and potential integration of other payment providers remain unclear, X CEO Linda Yaccarino characterized the Visa partnership as a 'milestone' for the 'Everything App' and the 'first of many big announcements about X Money this year.'This move aligns with Musk's long-standing vision of creating a platform akin to China's WeChat, a super app encompassing video chats, messaging, streaming, and payments. This aspiration predates Musk's acquisition of Twitter, dating back to the late 1990s when he founded X.com, a startup later merged into what became PayPal. Despite Musk's advocacy for expanding PayPal's offerings beyond payments, his efforts were met with resistance from then-CEO Peter Thiel and other executives. The eventual sale of PayPal to eBay in 2002 for $1.5 billion provided Musk with substantial capital to invest in SpaceX and Tesla.Today's competitive landscape sees several companies vying to create super apps. Social media giants like Meta (formerly Facebook) have integrated shopping, gaming, and even dating features. Consumers now have diverse platforms catering to communication, payment services, entertainment, and more. The success of X's 'everything' features remains to be seen. Since Musk's 2022 takeover, the platform has faced criticism for escalating hate speech and alienating users and advertisers. X's ambitious expansion could also draw scrutiny from established tech giants concerned about a potential competitive threat. US regulators, for instance, have accused Apple of using its market dominance to hinder the emergence of super apps on its iOS platform, alleging that Apple feared such apps would diminish iPhone users' reliance on its own software and services, including payment processing. Apple vehemently denies these allegations and is seeking to dismiss the case in a federal court in New Jersey
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